In the pharmaceutical industry, ongoing research and development focus on discovering new drug formulations that align with regulatory approvals. Recently, innovative drug delivery systems have been used to maximize therapeutic efficacy with a precision of sustained drug delivery in the disease management system. Nanocellulose (NCs) synthesized from abundant cellulose, have attracted wide attention for potential pharmaceutical applications due to their unique properties, such as biocompatibility, high surface area-to-volume ratio, extensive drug loading and binding capacity, controlled drug release efficiency, strength, and availability with various treatments and modification ability. Nevertheless, research on nanocarriers (NCs) in the pharmaceutical field faces several limitations and challenges. Key areas requiring further exploration include chemical consumption, energy intensity, effluent management, recovery processes from acid hydrolysis, reaction times, ecotoxicology, and overall development progress. This overview provides the applications of emerging nanocellulose. It gives a clue on the synthesis of sustainable NCs related to their different sources, pre- and post-modifications of NCs, and key properties in pharmaceutical sectors. Furthermore, it gives an overview of the current advancements, life cycle analysis, biosafety, and key property performance with a summary of challenges and future perspectives.